Sponsors could seek ‘disgrace’ insurance claim against Sharapova

Edel Ryan, head of media and entertainment at Jardine Lloyd Thompson Specialty, said Sharapova could see a lawsuit of a similar type to that faced by cyclist Lance Armstrong.

Armstrong was forced to pay $10m to prize insurer SCA Promotions last year for lying under oath about doping.

"If sponsors decide to take action against Sharapova, they may well pursue an insurance claim under a ‘disgrace clause'," Ryan said.

"The ban, if upheld, would likely be judged an act of disgrace on the part of the insurer, and these types of policies are designed to respond in such circumstances.

"As was the case with Lance Armstrong, we can expect to see insurers, via litigation, pursue Sharapova where insured bonus payments - taken out by the sponsors to cover the cost of paying out performance-linked bonuses - were met."

The Russian tennis player tested positive for the prohibited drug meldonium earlier this year. She is appealing against the ban.

Nike and Head have stood by Sharapova as sponsors, but Tag Heuer cut ties with her in March and Porsche said it was "postponing planned activities".

Neither a spokesman for Tag Heuer nor Porsche was immediately available for comment.

Ryan said it would be worth sponsors sticking with her for now. "Whilst sponsors will be under a lot of public pressure to sever all ties, a smart move may be to delay making any decisions until Sharapova's appeal plays out, and how the public and the media react to this," he added.